SEC. 81-5-37. Uniform Common Trust Fund Law.
(1) Any bank or trust company qualified to act as a fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries; and may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to such investment.
(2) Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the chancery court, secure approval of such an accounting on such conditions as the court may establish.
(3) This section shall be so interpreted and construed as to effectuate the general purpose of making uniform the law of those states which enact the Uniform Common Trust Fund Act.
(4) This section may be cited as the Uniform Common Trust Fund Law.
SOURCES: Codes, 1942, Sec. 5198.5; Laws, 1950, ch. 328, Secs. 1-7.